Payday Express - query on charge

[Deleted User]

Post Removed

tell_it_how_it_is

Your post is as clear as mud to be honest, but from what I can gather you borrowed £280 and missed paying back £70 within the allotted month.

Therefore, adding another £70 onto the debt if moving into month 2 and up to 60 days in total would be as expected.

Pay it off and stay away in future, even if it means beans on toast for a month.

[Deleted User]

No not quite.

£70.00 paid when the company decided they would roll the loan from that drift I understood the original amount was still very much payable, so, with the company allowing a repayment plan
£140.00 has actually been paid to date on a loan that I understood £350 would need to be paid back - only today I'm aware this has risen by a further £70.00 where as now it's costing £420 rather then the £350 figure

Hope this is clearer ? sorry can't think of any other way to put it as I can't get my head around it

opinions4u

Got to be honest, I'm clueless as to what you're trying to convey.

Basic rules with PDLs is that they are bleedin' expensive so if you don't pay them off in month one they'll screw you for another obscene amount in month 2.

Get it paid off in full and fast - pay the amount they are demanding. Then never use these companies again and start saving - so that you have a contingency fund to fall back on instead of being attracted to these horribly expensive companies in the future.

swbrua

We need to know the following to offer you any help:

1. What date did you take the payday loan
2. How much was the original loan for
3. How much have you since paid back and when

Please answer them in bullet point format, don't get distracted by words that don't fit the answers :-D

tell_it_how_it_is

As suggested above, providing dates and amounts in bullet point format would help, but as an example ...

- You borrowed £280 on 1st Nov.
- Agreed settlement date was 30th Nov.
- Interest payable, at £20 per £80 borrowed, is £70.
- Total repayable by 30th Nov is £350.
- You fail to pay full settlement figure by agreed date.
- Debt rolled over for second month, new interest charges added.
- Interest is again calculated on the full amount borrowed (ignoring any amount paid off).
- New total amount to be paid back is £420.
- Full amount must be paid back by 30th Dec.
- You fail to pay full amount by new agreed date.
- Another £70 is added for month 3, January.
- Total repayable amount rises to £490.

I have to say I've never used a PDL, so the above is my take on how it works from reading the FAQs on Payday Express's website, and what I know about PDLs in general.

Seriously, if you're not very good with money, stay away from payday loans, they only make things much worse.

[Deleted User]

I know and hear what your all saying - I am trying to get myself out of this mess and believe me thought I was doing quite well getting rid of my payday friends

Basics
28/6/11 £280 was borrowed with interest of £70
28/7/11 loan was rolled and £70 debited - thats happened, gone done
28/8/11 £10 paid
28/9/11 £10 paid
28/10/11 £10 paid
28/11/11 £10 paid
20/12/11 £100 paid = £140

I understood I only had another £210 which I'm working on to pay not £280

[Deleted User]

Text removed

tell_it_how_it_is wrote: »

As suggested above, providing dates and amounts in bullet point format would help, but as an example ...

- You borrowed £280 on 1st Nov.
- Agreed settlement date was 30th Nov.
- Interest payable, at £20 per £80 borrowed, is £70.
- Total repayable by 30th Nov is £350.
- You fail to pay full settlement figure by agreed date.
- Debt rolled over for second month, new interest charges added.
- Interest is again calculated on the full amount borrowed (ignoring any amount paid off).
- New total amount to be paid back is £420.
- Full amount must be paid back by 30th Dec.
- You fail to pay full amount by new agreed date.
- Another £70 is added for month 3, January.
- Total repayable amount rises to £490.


I have to say I've never used a PDL, so the above is my take on how it works from reading the FAQs on Payday Express's website, and what I know about PDLs in general.

Seriously, if you're not very good with money, stay away from payday loans, they only make things much worse.

tell_it_how_it_is

So you borrowed £280 in June, and have paid £210 back (£140 in stages, plus first £70 charge).

With it moving into month 7, there's obviously been plenty of rollover activity, so you'd have to ask them for full breakdown of figures, as it's a bit more 'generous' than I anticipated.

So interest of £210, to make £490 total, isn't as bad as expected over the period in question, though it still highlights how much borrowing these small amounts can end up costing you.

I'd suggest asking someone close if they would be willing to lend you the money to pay it off, and save you any more nasty additions.